"The IPO has received over 90 per cent response at the top end of the price band and we decided to price the IPO at Rs 130", UTV Software chief executive Ronnie Screwvala said.
The bidding price band for the book built issue was Rs 115-130 per share of face value Rs 10 each. The issue was oversubscribed by over 26 times the issue size of 69.99 lakh shares.
Considering that media is a less understood industry, the retail response, 38 times the maximum allocable shares for this segment, was very strong, Screwvala said.
The shares would be listed on the stock exchanges between March 14-18, he said. Of the total offer, UTV is making a fresh issue of 45 lakh equity shares and balance 24.99 lakh shares are on offer for sale.
Out of the total offer, there would be 50 per cent allocation for institutional investors, up to 25 per cent to high net worth individuals and up to 25 per cent to retail investors.
Enam Financial Consultants is book running lead manager for the IPO.